The Commission on securities and exchange Commission (SEC) accused the company Titanium Blockchain Infrastructure Services, started ICO, and its CEO in a securities fraud. Michael Stollery and his company are accused of violating the rules of the SEC for business registration and anti-fraud in the organization of millions of tocancel.
The Agency was accused Stollery in providing future investors knowingly false information: it shall, in particular, argued that Titanium works with such companies like Paypal and Disney. The Commission said that officials of SEC made an immediate freeze on the assets of the company and the appointment of the managing borrowed funds in the amount of $21 million.
SEC already prevented similar cases, such as with Centra, when investors were also misled: they were told that the organizer of the ICO maintains business ties with Visa and Mastercard. Head of unit at the SEC cybersecurity Robert Cohen said: This is the ICO relied on the blitz social media marketing and introduced investors into the fallacy of the false statements about the prospects of the business.
Exposing a lot of dishonest ICO, we again urge investors to exercise extra caution in such investments. According to reports, the complaint against Stoller and his company Titanium received 22 may. It was called another company associated with this person — EHI Internetwork and Systems Management.
SEC exposed the fraudulent ICO for $21 million